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Have a property that couldnt sell 3 years ago when I relocated so let it out to a friend. He has just left and I live 100's miles away. Wanting to get letting agencies involved and they are all stating that they will require permission from the mortgage provider that it can be let.
Current mortgage states that the mortgage isnt intended for the purpose of letting and I am now thinking I am stuck.
Agencies not very helpful other than they will write to them and see what they say.
Q:
1. am i stuffed re mortgage and will simply have to let without use of agencies (I know the property shouldnt be let but have tried to sell)
2. will the mortgage provider be that concerned (I expect they will)
3. would I have to re mortgage which considering the current climate could be problematic.
Any idea's ??
have you tried asking mortgage company
(gf daughter has a flat, std mortgage PLUS a restrictive covenant on letting from freeholder, however after asking politely via writing has got written permission from both)
*need to check insurance as well
Ive just let my flat as I was having problems selling it. I just phoned my mortgage provider and told them I was working too far away so they have allowed me to rent it for 3 years without changing my mortgage over. Just cost £199 admin fee.
Seems to depend on the mortgage company, you can only ask. Mine have let me do this as long as I have adequate landlords insurance, and haven't charged a fee or altered my rate (touching wood oo-er)
cheers - will see waht they say - will crack on as it seems as though not as problematic as first thought. If I had been greeted with horror stories then that would have reinforced my own pessimistic opinion.
I just asked mine and they changed the detail on the contract and put the rate up a touch